Trending Areas in the Global FinTech Market

Like all sectors, finance is witnessing a great revolution. Lots of new technologies are being embraced to improve finance and accounting.

The growth of technology and its application in financial services has given rise to a unique sector that combines the best of both worlds — finance and technology. Popularly referred to as ‘FinTech’, this upheaval has brought along both synergy and disruption.

What is FinTech?

FinTech, short for Financial Technology, refers to firms whose financial services are primarily based on digital technology to improve products and perform business services more efficiently.

FinTech is emerging as a new kind of financial services that are trying to transform the way transactions were done traditionally. Using modern and effective methods, FinTech firms are deploying advanced devices in financial sectors to enable money transfers, mobile payments, funding, loans, and wealth management.

“Some instances of the technology being used in the financial transactions include peer-to-peer (P2P) lending, peer-to-peer payment, mobile banking, blockchain, digital wallets, which bring additional benefits and efficiency for the transactions besides reducing costs for customers.” — Investopedia.